There’s Still No Inflationary Pressure in the Economy

In case you like to keep track of this stuff, here are the inflation numbers for October:

Ordinary CPI ticked up to 2.5 percent thanks to higher gasoline prices. However, oil prices are tumbling as we speak, so this will come down next month. Core CPI, which doesn’t include either food or energy, fell a tenth of a point.

Ordinary CPI is, of course, useful if you want to know what ordinary people are actually paying for stuff. However, core CPI is more useful for gauging inflationary pressure in the economy. Right now, there just isn’t any. Core CPI has been hovering steadily around 2 percent for three consecutive years. Maybe someday that will change, but once again, that day is not today.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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